US oil reserves fell by 3.5 million barrels last week, but gasoline stocks increased by 4 million barrels. (Photo: Michael Heimann / Getty Images)
Future contracts Petroleum The Wednesday advanced, supported an improvement in the global economic landscape, although there has been limited gains in gasoline inventories and fears that further outbreaks of coronaviruses would weaken fuel reforms.
Brent oil futures rose $ 0.42, or 0.7%, to $ 63.16 a barrel, while United States Oil (WTI) rose $ 0.44, or 0.7%, to $ 59.77 a barrel.
Oil stock America It had fallen by 3.5 million barrels in the previous week, but gasoline reserves jumped by 4 million barrels, the Energy Information Administration (IEA) said, ahead of expectations of 221,000 barrels in gasoline, as Reuters surveyed.
“If you don’t need to produce gasoline, you don’t need to use much oil,” said Bob Yauger, director of energy futures at Mizuho Securities.
When the Federal Reserve released its meeting minutes last month, prices were supported, which strengthened the US central bank’s position not to raise interest rates, leading to increased fuel demand.
Nevertheless, an increase in the number of Kovid-19 cases in the US, which accounted for more than half of coronovirus-related deaths last week, limited commodity gains.
Henry Lawson is a contributor at Sproutwired.com, covering a wide range of topics including news, politics, business, technology, sport, entertainment and lifestyle. He focuses on delivering clear, accurate and reader-friendly reporting that helps audiences stay informed about current affairs and important developments. With an emphasis on useful information and balanced coverage, Henry aims to highlight stories that matter most to readers, providing context and insight in a straightforward and accessible way.
